"laissez-faire" approach to the economy, economics homework help

Anonymous

Question Description

Up until the 1930s, the government took a "laissez-faire" approach to the economy. What changed and who was the main influence for this change? In what situations would government intervention into the market place warrant price controls? Please provide a couple of examples in your response.

As an additional item who has encountered the price increase due to the minimum wage increase here in Michigan? How many were surprised at the increase in price on regular items that you purchase (i.e. the dollar menu or lack thereof)?

Tutor Answer

agneta
School: UC Berkeley

Attached.
Attached.

Running head: LAISSEZ-FAIRE ECONOMICS

Laissez-faire economics

Institution Affiliation

Date

1

LAISSEZ-FAIRE ECONOMICS

2

Laissez-faire is derived from a French word meaning freedom or free will. On the other
hand, a laissez-faire economy depicts a system in the economy where people operate in a free
economy and they are against any government interference or any other regulations and rules in
the economy.

The government subscribed to the laissez-faire economic system until in 1930 when new
economic and business...

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